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Microeconomics
Learn the toughest concepts covered in Microeconomics with step-by-step video tutorials and practice problems by world-class tutors
The Types of Goods
Four Types of Goods and Two Characteristics
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Let's break up goods and services into different categories.
1
concept
Two Characteristics:Rivalry in Consumption and Excludability
5m
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2
concept
The Four Types of Goods:Private Goods, Club Goods, Common Resources, and Public Goods
11m
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3
Problem
Label the goods as Private Goods (PRI), Common Resources (CR), Club Goods (CG), or Public Goods (PUB).
4
Problem
A slice of pizza is:
A
Rival
B
Non-rival
C
Non-excludable
D
Both (a) and (c)
5
Problem
An example of an excludable good is:
A
The court system
B
Public roads
C
National Defense
D
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